Tax & Structuring

Although not related to tax, there are a number of changes on the Fair Work front that employers should be aware of: Minimum wage increase The National Minimum Wage applies to employees who aren’t covered by an award or registered agreement. From 1 July 2023, the new National Minimum Wage will be $882.80 per week [...]

The ATO has just announced that the cents per kilometer rate has increased to 85 cents per kilometer for 2023/24. To recap, there are two methods to claim work-related car expenses as follows: Cents per kilometer method This method is easier for record-keeping, involves a more simple calculation, and is generally suited to those with [...]

Another key Federal Court case may have a bearing on whether you owe certain workers you engage a superannuation guarantee or not. For background, early last year the High Court made a game-changing decision in determining whether a worker is an employee or contractor at common law. It ruled that this is determined by the [...]

The new financial year can be a time when business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimising tax, rather a range of factors should be considered such as asset protection, establishment and ongoing compliance costs, succession planning, and your understanding [...]

The superannuation guarantee (SG) rate increase from 1 July 2023 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30 June 2023 – will employees be entitled to the higher SG rate of 11%? SG is based [...]

The predicted slowing of the economy in 2023-24 along with the payday super guarantee (SG) proposal are sure to make cashflow more important than ever for business over the coming months and years, noting that it is one of the biggest difficulties faced by the business. To recap, from 1 July 2026, employers will be [...]